India’s Commerce and Industry Minister Piyush Goyal urged relevant authorities to work together to boost marine exports to $20 billion within the next five years. According to the minister, the country has the potential to increase shrimp farmers by 2 lakh in the next couple of years. Adding that such a feat would push the current production capacity from 40,000 tons to 7 lakh tonnes.
Buttressing his point at an event organized by the Marine Products Exports Development Authority, the minister stated categorically that the country’s marine exports have skyrocketed to $7.6 billion in 2022, a significant 30% change from last year. He also added that the country now aims for $20 billion in marine exports within the next five years.
As of right now, India ranks as the third largest marine exporter in the world. The country has nearly 18,000 farmers contributing to marine exports, bringing in an annual $20 million in revenue.
Goyal added that the country has the potential to increase shrimp farmers by 2 lakh within the next few years with the proper framework and government support. He stated that such a feat would help the country boost its current production capacity from 40,000 tons to 7 lakh tonnes, 18 times more than the current production capacity.
Indias’ evolving marine export industry
India is one of the leading exporters of marine products, with many countries relying heavily on shrimp produce from one of Asia’s largest economies. Given the country’s incredible marine potential and the opportunity to increase revenue via this industry, the minister has tasked exporters to promote marine exports.
The minister believes that improving things within India’s marine industry will help the country make $20 billion in revenues from marine exports within the next five years. He called on marine exporters to develop state plans, clearly mapping out the top twenty products with the impeccable potential to increase the country’s revenue via marine exports. He also reiterated that such a move would significantly reduce risks for fish farmers.
As part of its framework to revamp production within the country’s marine industry, the minister added that India has signed free trade agreements with Australia and UAE and is currently discussing better arrangements with the EU, Canada, and the UK.